The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-12-30


ton must follow and it is also equally
we'll understood that If the volume Of
money is decreased TO any considerable
extent bankruptcy and ruin must ne
cessarily follow.
1t would seem from this universe
experience that the Quantity of money
in circulation is the principal thing tt
regulate. For example: II the money
in the United States were doubled the
| price OF property would be enhanced IL
a similar proportion; if one half th'
money were destroyed the price o
| property would depreciate about one
half. The increase and decrease of tht
volume Of money has a similar effec
upon the obligations of contracts. Wher
the greenback currency in the United
| States was at a discount of about so pei
cent. debt could be paid with one
halt the amount of property that was
required to liquidate it before the inf1a-
ton of the currency. The contraction
OF the currency since the war doubled
the obligations of contracts made
during the period of imitation.
This is illustrated by the fact that
although we have paid about One-half
OF the national debt, that which re-
mains will require more bales of cot
ton, more bushels of wheat, and more
days of labor to pay it than it would
have done to pay the whole at the time
it was contracted. 1t is the NANTES [
duty of the government to furnish the
people with honest money. No monss
will constitute just measure of the
obligations of contracts unless the vol
ume of that money bears substantially
the same ratio to the population. la
other words, honest money must be the
same IN amount per capita at all times.
MONEY IN ANCIENT TINES AND ITS F-UC-
TUATIoNs.
We are informed by Mr.. Jacob, who,
without disparagement of others, has
published the most accurate history
now in existence of the production
and consumption of the precious met
ais from the earliest period of which
any record exists down to the year 1892
that at the commencement of the Chris
tan era there was 1880, 600 000in cir
culation in the Roman Empire, which
was practically the civilized world.
From that time until the discovery of
gold and silver in Mexico and South
America very little gold or silver was
mined, and the quantity of money in
circulation decreased at the rate of
more than 500, 100000 each century.
The amount of both metals in
Europe when the first gold and
silver was brought from the New
World certainly did not exceed
$50 600, 900 ! do not pretend 10 say
tba. ~. ga. traction of the currency
was the Sole cause that produced the
H. =,
sufficient cause to destroy any civi!iZa-
ton. Nothing is so depressing to every
industry as contraction. The term
contraction" signifies more ruin and
misery for people than any other ex
preston known in any language. While
it lasts the obligations of contracts con-
grow heavier, and labor grows
cheaper. Fifteen hundred yea of con
tiuued contraction reduced the Roman
people (the proudest and freest of an
ct Mt times) to barbariSm and SLAYER
The discovery of gold and silver III the
New World revived the civilization o,
The old, wages advanced. prODerty adj
Vanced in price, serfs and bondmen
became free, the light of science COM
nenced to dawn, and art aud the spirit
IF invention were revived.
MODERN CIVILIZATION.
Modern civilization would have been
impossible but for the constant stream
If gold and silver which the mines OF a
New World furnished. The in .rease
rom the first discovery until the |
merlcan revolutions was
steady and very nearly kept pace with |
he increasing population. About the |
commence nent Of the present century |
mining IN Mexico and South America |
vas greatly :, iarded by revolution ana |
var in those countries. During TIL |
irst half of the present century the |
product of the mines did not more than |
supply the loss and wear Of the coin in |
circulation and the gold and silver con
,umed in the arts. The consequence |
vas hard times. The amount of gold |
md silver coin in Europe and America !
n the year 1850 was from eighteen |
to two thousand millions. and |
Jaried but little from the amount in |
circulation in the Roman Empire at the |
of the Christian era
although the population was more than |
vice hs great as that of the dominion |
If ancient Rome.
'HE NEW DISCOVERIES IN CALIFORNIA AND |
AUSTRALIA.
Since 1850 the product from the mines
If the world has reached the enormous
am of about So .O0o, 100000? This has |
Produced it's natural effect. The dis
,overy of gold in California and Aus
ralia inaugurated new era in the ais
ory of civilization. The advance i'll
wealth sad prosperity between 1850 and |
876, Notwithstanding many destructive
vars, was phenomenal. Since 1876 that
prosperity has been checked, not from
he exhaustion OF the mines, but from
he attempt to destroy one of the prec
oas metals for tire purpose OF euhans
ng the value of ondS. In the natural
,rder of things, after allowing Tor
oss, abrasion, and use in the
lrts, there ought to have been
.dded to the supply of the
ircu asing m, dunn in Europe and
/ meriea over DOC, O00, 900 from the gro.
lucts of the mines since 1850. making
grind agecegaie of about 1900, 900 coo
# gold anu SILVER circulating as money
), Ft,rnDe and America ...H.-